Credit Investor Presentation

Contents Background Systems Thinking and innovation 3-8 9-15 Environmental, Social and Governance (ESG) 16-21 Economic regulation 22-28 Operational transformation 29 - 32 Outcome Delivery Incentives (ODIS) 33-41 Financial summary Sustainable Finance Framework Summary Glossary Full year results - 2020/21 Cautionary statement 42-53 54-62 63-64 65 66-108 109 United Utilities • Credit Investor presentation . 2

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